If you live in Brisbane, the portion of properties that’s cheaper to buy than rent is at 55.3%, latest CoreLogic data show. But if you are in Sydney or Melbourne, most people are still better off renting, only 4.9% of properties are cheaper to buy than rent in Sydney, and 7.3% of properties in the same situation in Melbourne.
Latest CoreLogic figures showed over 55 per cent of Brisbane homes and 73 per cent of those in regional Queensland were now cheaper to buy than rent, and it is cheaper to buy than rent in a third of the country.
With lowest interest rate this county has ever seen and don’t seem to change for another good year or two, more and more buyers are seeing their mortgage payments becoming cheaper than if they are renting the same property.
Here are some of the areas in Brisbane where buying Houses is cheaper than renting:
- Bald Hills
- Redbank Plains
And if you are looking for a Unit, here are some areas in Brisbane where it is cheaper to buy than rent:
- Brisbane City
- Fortitude Valley
- Spring Hill
- South Brisbane
*Source: Yahoo finance/NAB
If you are thinking about moving from Sydney and Melbourne, there are few cities which have even higher portion of cheaper to buy properties compared to Brisbane, Darwin is at 86.5% cheaper to buy than rent, as well as Perth and most Regional Areas across different states.
CoreLogic found mortgage repayments were cheaper than rental payments in 60 per cent of regional Australia. (CoreLogic Supplied)